ConocoPhillips Announces Second Oil Discovery in Deepwater Gulf of Mexico

ConocoPhillips (NYSE: COP) today announced another oil discovery in the
deepwater Gulf of Mexico. The WR98-1 Coronado wildcat exploration well
encountered more than 400 feet of net pay. On March 19, 2013,
ConocoPhillips announced an oil discovery at the nearby WR51-2
Shenandoah appraisal well that encountered more than 1,000 feet of net
pay in high-quality Lower Tertiary-aged reservoirs. ConocoPhillips holds
a 30 percent working interest in Shenandoah.

The Coronado well, located in Walker Ridge Block 98, was drilled to a
total depth of 31,866 feet, in 6,127 feet of water. The well is located
approximately 190 miles off the coast of Louisiana and approximately 12
miles southeast of the Shenandoah discovery. Results from the Coronado
well are still being evaluated, and additional appraisal will be needed
to determine the full extent of the resource. ConocoPhillips holds a 35
percent working interest in Coronado. Other co-owners are Chevron
Corporation (NYSE: CVX), 40 percent working interest and operator; a
subsidiary of Anadarko Petroleum Corporation (NYSE: APC), 15 percent;
and Venari Offshore LLC, 10 percent.

'The Coronado discovery adds to our exploration success in the prolific
Lower Tertiary Trend,' said Larry Archibald, senior vice president,
Exploration. 'The exciting results from the Coronado and Shenandoah
discoveries confirm the value of our portfolio in the Gulf of Mexico and
provide visibility on our future plans to grow through organic
exploration.'

ConocoPhillips is one of the largest leaseholders in the deepwater Gulf
of Mexico with approximately two million net acres. In 2013, the company
plans to drill between five and eight wells, including the Ardennes
prospect, which spud earlier this quarter, and the Thorn well, scheduled
to spud in the second quarter of 2013.

--- # # # ---

About ConocoPhillips

ConocoPhillips is the world′s largest independent E&P company based on
production and proved reserves. Headquartered in Houston, Texas,
ConocoPhillips had operations and activities in 30 countries, $58
billion in annual revenue, $117 billion of total assets and
approximately 16,900 employees as of Dec. 31, 2012. Production from
continuing operations averaged 1,527 MBOED in 2012, and proved reserves
were 8.6 billion BOE as of Dec. 31, 2012. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE 'SAFE HARBOR' PROVISIONS

OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of our
operations or operating results. In many cases you can identify
forward-looking statements by terminology such as 'anticipate,'
'estimate,' 'believe,' 'continue,' 'could,' 'intend,' 'may,' 'plan,'
'potential,' 'predict,' 'should,' 'will,' 'expect,' 'objective,'
'projection,' 'forecast,' 'goal,' 'guidance,' 'outlook,' 'effort,'
'target' and other similar words. However, the absence of these words
does not mean that the statements are not forward-looking. Where, in any
forward-looking statement, the company expresses an expectation or
belief as to future results, such expectation or belief is expressed in
good faith and believed to have a reasonable basis. However, there can
be no assurance that such expectation or belief will result or be
achieved. The actual results of operations can and will be affected by a
variety of risks and other matters including, but not limited to,
changes in commodity prices; changes in expected levels of oil and gas
reserves or production; operating hazards, drilling risks, unsuccessful
exploratory activities; difficulties in developing new products and
manufacturing processes; unexpected cost increases; international
monetary conditions; potential liability for remedial actions under
existing or future environmental regulations; potential liability
resulting from pending or future litigation; limited access to capital
or significantly higher cost of capital related to illiquidity or
uncertainty in the domestic or international financial markets; and
general domestic and international economic and political conditions; as
well as changes in tax, environmental and other laws applicable to our
business. Other factors that could cause actual results to differ
materially from those described in the forward-looking statements
include other economic, business, competitive and/or regulatory factors
affecting our business generally as set forth in our filings with the
Securities and Exchange Commission. Unless legally required,
ConocoPhillips undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.

ConocoPhillips

Davy Kong, 281-293-2701 (media)

davy.kong@conocophillips.com

or

Vladimir
R. dela Cruz, 212-207-1996 (investors)

v.r.delacruz@conocophillips.com